United Arab Emirates’ renewable energy company Masdar has acquired a 35 per cent stake in a 1.5 billion pound ($2.5 billion) offshore wind project in eastern England, the company said on Wednesday, expanding its presence in Britain.
Masdar bought the 525 million pound stake in the 402 megawatt (MW) project from Norway’s Statoil, which will remain the operator and retain a 35 per cent share, Masdar said in a statement.
The remaining 30 per cent is held by Norwegian renewable energy company Statkraft.
Construction of the wind farm off the Norfolk coast is scheduled to start in 2016, with the project expected to be fully operational in late 2017. It will provide energy to approximately 410,000 households in Britain.
This is Masdar’s second big investment in the British offshore wind energy market. The company also has a 20 per cent stake in the 630 MW London Array project, the world’s biggest offshore wind farm.